Jervois Secures Long Term Renewable Energy at its Finland Operations

  

Australia – TheNewswire – October 20, 2022 – Jervois Global Limited (“Jervois” or the “Company”) (ASX:JRV) (TSXV:JRV) (OTC:JRVMF) advises it has secured access to long term, renewable electricity at its Finland operations as a flow through from two, separate, 10 year contracts with Statkraft AS (“Statkraft”) and Gasum Oy (“Gasum”) which Umicore has entered into for its adjacent business. Under Jervois and Umicore’s operating relationship at the Kokkola Industrial Park, Umicore is responsible for providing Jervois a number of utility and other services under a Master Services Agreement (“MSA”).

 

This renewable electricity represents approximately two thirds (or 17.5 GWh) of the total annual power consumption at Jervois’ Finland operations (prior to potential expansions) and will commence in 2024 (Statkraft) and 2025 (Gasum) respectively. These contracts relating to the use of renewable electricity generated from onshore wind are anticipated to reduce Jervois Finland’s CO2eq emissions by up to 30%.   

 

In addition to lowering Jervois’s carbon footprint, these contracts also stabilise the Company’s purchased electricity cost, reducing exposure to current and future volatility in European energy markets for the mutual benefit of the Company and its customers.

Statkraft will provide certified renewable electricity per year until 2033, from the Nuolivaara wind farm, in northern Finland. The non-subsidized wind farm will consist of 17 wind turbines with a total installed capacity of 96.9 MW and is expected to be commissioned in 2024. 

Statkfraft is owned by the Norwegian State, and as a leading power purchase agreement (“PPA”) provider, brings together electricity producers and companies from trade and industry across Europe and develops new innovative concepts. In Finland, Statkraft offers PPA’s to industrial and commercial companies as well as to project developers and investors enabling the financing of new renewable power plants. As one of the most important actors in the European energy market, Statkraft trades energy and renewable energy certificates in Finland.

Gasum will provide certified renewable electricity per year until 2034 from a non-subsidized wind farm, which is expected to be commissioned by the end of 2023 or early 2024.

Gasum is a Finnish State owned utility that is already a major actor in the wind power segment; its PPA with Umicore (of which Jervois is partially underwriting), increases its market share further. Besides wind power, Gasum’s energy portfolio includes hydroelectricity, solar power, and bioenergy. The company also offers biogas and natural gas for industry, maritime shipping, and road transport.

 

On behalf of Jervois Global Limited,

Bryce Crocker, Chief Executive Officer

For further information, please contact:

 

Investors and analysts: James May Chief Financial Officer Jervois Global [email protected]

Media: Nathan Ryan NWR Communications [email protected] Mob: +61 420 582 887

 

Forward-Looking Statements

 

This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “expected” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to the future purchase of renewable electricity, the reduction in CO2eq emissions at the Finland operations, the start date of generation by Statkraft and Gasum and certain other factors or information. Such statements represent Jervois’ current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by Jervois, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. Jervois does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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